Should I Wait For My Mortgage To Mature?

Lenders will often send out their mortgage renewals 120 days prior to your mortgage maturing. I refer to this as their “Convenience Rate” as it is generally not the best rate but appears convenient for the borrower.
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Lenders will often send out their mortgage renewals 120 days prior to your mortgage maturing. I refer to this as their “Convenience Rate” as it is generally not the best rate but appears convenient for the borrower. Oddly enough about 60% of Canadians go this route and pay a premium. Therefore it is always a good idea to contact your broker months prior to your mortgage maturing so they can begin the process and capture the best rate for you. The savings could outweigh a penalty if there is one. It’s also a good time to re-evaluate your mortgage so you won’t get charged with hidden fees or penalties down the road.

Ian Clark Mortgages

Ian Clark Mortgages

“It’s a people business in a complex industry that is consistently changing. My role is to take the stress out of homeownership and represent your best interests until you are mortgage-free.”

About

East Coast Mortgage Brokers is Newfoundland and Labrador’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.